On January 2, 2014, Valente Corporation issued 40,000 shares of 8% cumulative preferred stock at $100 par value. On December 31, 2017, Valente Corporation declared and paid its first dividend. What dividends are the preferred stockholders entitled to receive in the current year before any distribution is made to common stockholders? a. $360,000 b. $320,000 O c. $1,440,000 d. $1,280,000